Speaking at a banking conference in Damascus, the chairman of the Syrian Chamber of Commerce described a set of new banking laws before his country’s parliament as legislation that could revolutionize the banking sector.

Once they have been ratified, said Rateb Al-Shalah, the Syrian banking sector will be provided the tools it needs in order to link up with the international financial markets. This, he added, would serve President Bashar Assad's goal of attracting foreign investment capital into the local economy.

Certain elements of the banking legislation have already been adopted. In April, Assad signed into law a bill adopted by the Syrian parliament on March 29, which will allow the establishment of private banks, thus ending decades of state control over the banking sector. It allows for new banks to be set up as private joint stock companies or as partnerships between the government and the private sector, with non-Syrians interests being allowed to own up to 40 percent of the stock. – (Albawaba-MEBG)